NZD/AUD: Looking very soft – ANZ

NZD remains a global underperformer. The kiwi has underperformed on crosses, most notably NZD/AUD, per ANZ Bank.

Key quotes

“NZD/AUD has been hammered as Australia is hailed as having the best lockdown/containment strategy, with less of an economic hit there.” 

“Hard to argue with short term, especially with China returning to work, but we don’t buy into the relative monetary policy argument (NZ dovish vs AU hawkish).”

“Technically looking very soft, forcing a re-think.”

“Support 0.9380 Resistance 0.9700”